Abu Dhabi’s sovereign fund Mubadala has joined a consortium led by US-based EIG to buy a 49% equity stake in Aramco Oil Pipelines Company, according to the National News.

Back in April, Aramco announced a $12.4 billion deal with EIG for the sale of a 49% stake in Aramco Oil Pipelines Company. Aramco will retain the remaining 51% stake.

As part of the agreement, Aramco’s subsidiary, Aramco Oil Pipelines Company, will lease usage rights in Aramco’s stabilized crude oil pipelines network for a 25-year period. Aramco Oil Pipelines Company will acquire a tariff payments for oil transported through Aramco’s crude oil pipeline network, backed by minimum volume commitments.

The deal will also allow Aramco to profit from its pipeline assets while maintaining overall ownership and operational control of the network. Additionally, it will not place any restrictions on Aramco’s crude oil production volumes as they are set by the kingdom.

Aramco added that it plans to enter the debt capital markets through the issue of dollar-denominated Sukuk. However, the company did not reveal how much it plans to raise and only stated the funds would be used “for general corporate purposes or for any other purpose specified.”